Gordon Brown calls for new global financial order at UN General Assembly
Britain's Brown wants new global financial order; By Michael Astor; Associated Press; 26 September 2008.UNITED NATIONS (AP) -- British Prime Minister Gordon Brown called Friday for "a new global financial order" to resolve the financial crisis currently roiling world markets.
In his address before the U.N. General Assembly, Brown said the world was facing the "first real financial crisis" of the global era and that it required an international solution.
"The international institutions created in the aftermath of World War II have not kept pace with the changing global economy. We need national regulators to be cooperative, rules and principles to be consistent and international movements of capital to be transparent," Brown said.
He said the immediate priority was to stabilize financial markets and then work to rebuild the world financial system around clear principles, including increased transparency, regulation, responsibility and global oversight of international capital flows.
"For we must build a new global financial order founded on transparency, not opacity, rewarding success not excess, responsibility, not impunity, and which is global not national," Brown said. "We must clearly state that the age of irresponsibility must be end."
Britain is dealing with the current credit crunch by making over $184 billion available and extending a special liquidity scheme until the end of Jan. 2009, Brown said.
The country also has placed a temporary ban on short-selling.
Brown bemoaned wildly fluctuating oil prices and called for a restart of the stalled Doha round of World Trade Organization talks.
The Doha talks broke down earlier this year after rich nations were unable to reach agreement with developing nations over these agricultural tariffs and subsidies.
On Friday, Brown called for the removal of protectionist trade barriers and subsidies, which he acknowledged denied developing countries some $15 billion in agricultural income each year.
At end of the year, Brown said he would host a global energy summit in London.
Finally, he warned against a tendency toward isolationism in the face of the current crises involving food, fuels and world finance.
"Some say in a time of difficulty we should look inwards and cut aid. That we have excuse for tolerating famine, or for walking by on the other side," Brown said. "Now is not the time to pull up the drawbridge. To seek solace in isolation or revert to an outdated and futile protectionism."
Comment: And I’ll bet most of the Republicans out there think this was just something happening in the United States. Well wake up folks this is a crisis being created by GLOBAL BANKERS, who sit on the nongovernmental United States Federal Reserve, which is unconstitutional, and are going to milk this country of trillions upon trillions of our tax dollars, all the while destroying our economy.
After destroying our economy collectivists like Gordon Brown, Barney Franks, Hank Paulson, George Bush, Chris Dodd, George Voinovich, Sherrod Brown, Orrin Hatch, Richard Lugar, John McCain, B Hussain Obama, Joe Lieberman, Nancy Pelosi, Harry Reid, Charlie Wilson, Ben Bernanke, to name a few, will allow the UNITED NATIONS to take control of our US banking system.
How stupid are we Americans? Washington insiders are selling this country down the toilet and if you don't believe it just read what these collectivists are saying. The writing is on the wall.
Comment: I wonder if anyone in Congress remembers taking an oath to uphold and defend the US Constitution? The States need to wake up before Congress sells the country down the toilet.